NCR Voyix (VYX) Q4 2024 earnings summary

Executive summary

• New CEO Jim Kelly appointed in February 2025, emphasizing growth, platform expansion, and payments integration.

• Completed spin-off of NCR Atleos and sale of Digital Banking segment, materially changing business mix and financials.

• Transitioned POS and SCO hardware businesses to an outsourced design and manufacturing (ODM) model.

• Company is a leader in self-checkout and POS software for convenience, fuel, grocery, and restaurants, with 98% revenue retention over three years.

• Strategic shift to recurring revenue models, with bundled software/services subscriptions and a five-year payments agreement with Worldpay.

Financial highlights

• Q4 2024 revenue was $682M, down 14% year-over-year; full-year revenue was $2.83B, down 11%.

• Q4 Software & Services revenue was $521M, nearly flat year-over-year; full-year was $2.1B.

• Adjusted EBITDA for Q4 was $114M (16.7% margin), up 75% year-over-year; full-year Adjusted EBITDA was $347M (12.3% margin), up 3%.

• Q4 diluted EPS from continuing operations was $(0.08); non-GAAP diluted EPS was $0.22.

• Recurring revenue and ARR both up 5% year-over-year in Q4 2024.

Outlook and guidance

• 2025 revenue guidance: $2.575B–$2.65B; Software & Services: $1.99B–$2.02B; Hardware: $580M–$630M.

• Adjusted EBITDA guidance: $420M–$445M (16.3%–16.8% margin); non-GAAP diluted EPS: $0.75–$0.80.

• Adjusted free cash flow (unrestricted): $170M–$190M, conversion rate 40%–43%.

• Guidance excludes impact of potential new tariffs and delayed Atleos country transfers.

• Q1 2025 revenue expected to decline mid-teens due to prior year hardware refresh; sequential EBITDA improvement expected through 2025.